Research inculcates scientific and inductive thinking and it promotes the development of logical habits of thinking and organization. The role of research in several fields of applied economics, whether related to business or to the economy as a whole, has greatly increased in modern times. The increasingly complex nature of business and government has focused attention on the use of research in solving operational problems. Research as an aid to economic policy, has gained added importance both for government and business. Research provides the basis for nearly all government policies in our economic system. Decision making may not be a part of research but research certainly facilitates the decisions of the policy makers. The plight cultivators, the problem of big and small business and industry, working conditions. Trade union activities, the problem of distribution, even the size and nature of defense services are matters requiring research. Thus, research is considered necessary with regard to the allocation of the nations' resources. Research has its special significance in solving various operational and planning problems of business and industry. Market research is the investigation of the structure and development of a market for the purpose of formulating efficient policies for purchasing, production and sales. Operation research refers to the application of mathematical, logical and analytical techniques to the solution of business problems of cost minimization or of profit maximization. Motivational research is essential for determining why people behave as they do is mainly concerned with market characteristics. Research thus replaces intuitive business decisions by more logical and scientific decisions.
Yes ofcorse Research and than development is the only way we can improve our current policies and imply the new and improved ideas to get the economy higher
